IonQ, Inc. (NYSE:IONQ – Get Free Report) shares were down 5.7% during mid-day trading on Wednesday . The company traded as low as $40.90 and last traded at $41.77. Approximately 15,266,852 shares changed hands during trading, an increase of 42% from the average daily volume of 10,735,969 shares. The stock had previously closed at $44.29.
Wall Street Analyst Weigh In
A number of equities analysts recently weighed in on IONQ shares. DA Davidson initiated coverage on shares of IonQ in a research report on Thursday, December 19th. They set a “buy” rating and a $50.00 target price for the company. Needham & Company LLC increased their price objective on shares of IonQ from $13.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Benchmark lifted their target price on IonQ from $12.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Craig Hallum increased their price target on IonQ from $22.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, December 20th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.60.
IonQ Stock Performance
The business’s fifty day moving average price is $30.70 and its two-hundred day moving average price is $16.06. The stock has a market capitalization of $9.04 billion, a P/E ratio of -51.57 and a beta of 2.49.
IonQ (NYSE:IONQ – Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.02). The company had revenue of $12.40 million for the quarter, compared to the consensus estimate of $10.56 million. IonQ had a negative return on equity of 36.82% and a negative net margin of 457.85%. The company’s revenue was up 102.1% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.22) earnings per share. As a group, analysts forecast that IonQ, Inc. will post -0.86 earnings per share for the current year.
Insider Buying and Selling
In other news, CEO Peter Hume Chapman sold 13,106 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total transaction of $389,641.38. Following the transaction, the chief executive officer now owns 414,363 shares of the company’s stock, valued at approximately $12,319,011.99. This represents a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CRO Rima Alameddine sold 21,337 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $29.73, for a total value of $634,349.01. Following the sale, the executive now directly owns 571,321 shares of the company’s stock, valued at $16,985,373.33. This represents a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 110,223 shares of company stock worth $2,286,983 over the last three months. 11.60% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its holdings in shares of IonQ by 16.7% in the second quarter. Bank of New York Mellon Corp now owns 916,536 shares of the company’s stock valued at $6,443,000 after purchasing an additional 131,439 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of IonQ by 40.6% in the 2nd quarter. Principal Financial Group Inc. now owns 26,801 shares of the company’s stock worth $188,000 after buying an additional 7,744 shares during the period. Rhumbline Advisers increased its stake in shares of IonQ by 13.5% during the second quarter. Rhumbline Advisers now owns 295,918 shares of the company’s stock valued at $2,080,000 after buying an additional 35,158 shares during the period. Foundations Investment Advisors LLC lifted its stake in IonQ by 99.5% in the second quarter. Foundations Investment Advisors LLC now owns 121,242 shares of the company’s stock worth $852,000 after acquiring an additional 60,483 shares during the period. Finally, Arizona State Retirement System grew its holdings in IonQ by 3.6% during the 2nd quarter. Arizona State Retirement System now owns 49,550 shares of the company’s stock worth $348,000 after acquiring an additional 1,731 shares in the last quarter. 41.42% of the stock is currently owned by institutional investors.
About IonQ
IonQ, Inc engages in the development of general-purpose quantum computing systems in the United States. It sells access to quantum computers of various qubit capacities. The company makes access to its quantum computers through cloud platforms, such as Amazon Web Services (AWS) Amazon Braket, Microsoft’s Azure Quantum, and Google’s Cloud Marketplace, as well as through its cloud service.